Mohawk Industries, Inc. Completes Purchase of Marazzi Group
Mohawk Industries, Inc. recently announced that it has completed the acquisition of the Marazzi Group for approximately $1.5 billion with a combination of cash and equity. The Marazzi Group is a global leader in ceramic tile with worldwide brand recognition and 2012 revenues of about €858 million. Marazzi operates manufacturing facilities in Russia, the United States and Western Europe and sells to more than 100 countries around the world. Marazzi manufactures all types of tile including glazed ceramic, glazed porcelain, technical tile and color body porcelain.
In commenting on the closing, Jeffrey S. Lorberbaum, Mohawk’s Chairman and CEO, stated, “The Marazzi acquisition continues the expansion of Mohawk’s global business and will make us an even stronger company. Marazzi’s innovative products, leading-edge designs, efficient manufacturing and excellent service have created one of the industry’s most valuable brands. With the combination, we have many opportunities to improve our ceramic performance by leveraging best practices, operational expertise, product innovation and manufacturing assets across the enterprise.”
”Lorberbaum said, “The addition of Marazzi will allow us to expand our U.S. distribution, source ceramic tile from our worldwide base, and provide industry leading innovation and design to all of our global ceramic customers. With our solid financial position, manufacturing and distribution expertise, and international participation in all flooring categories, Mohawk is positioned for long term growth to maximize shareholder value."